Bangkok Bank joins Voltron L/C project

Friday 14 December 2018 | 10:41 AM
CET

Bangkok Bank has announced joining the Voltron project with the R3 consortium to develop a letter of credit (L/C) service using blockchain technology.

The L/C service using the R3 Corda distributed ledger technology (DLT) will increase efficiency and reduce transaction processing times, starting from requests by importers to issue an L/C up until an exporter receives payment, said BBL.

Business customers will be able to reduce working processes in their companies and arrange transactions with trade partners and banks more easily, according to the bank. Bangkok Bank, together with R3 and its partners, co-launched the Voltron project in Australia at the end of October 2018. The financial service in the international trade system, using blockchain technology, aims to revolutionise the international trade process and mark a step forward for banks and international trade customers.